Observations: - Still in the downtrend channel both in macro and micro level - Volume weak - H&S formation within the pennant - drop equals height of head or height of pennant. - Confluence with some trend lines. - Possible bounce off 7200 (have 7385 as min. target) last bounce before we are headed down (we usually see 3 impulses before breakdown further. - Stochastic can indicate bounce with slight bullish Hidden divergence
Hidden Bullish div.
Key area to watch
Notice a pattern, on trend line impulses?
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Fractural > If this holds (looking at the RSI), it might be a significant sign of the bottom
Still bearish signs on the one day > I have the MA on the Stochastics still pointing down. I have the MA on the RSI over the current level. My green bar on the chart is my area of interest at this point. 1st target of interest >6500 or 6800 range for a bounce (or bottom)
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